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OncoMed's cancer drug fails phase 2 trial; Bayer terminates collaboration

A treatment combining OncoMed Pharmaceuticals Inc.'s OMP-21M18 with Abraxis BioScience's Abraxane plus Eli Lilly & Co.'s Gemzar missed its primary endpoint in a phase 2 clinical trial involving patients with previously untreated metastatic pancreatic cancer.

The randomized phase 2 trial of OncoMed's anti-delta-like 4 monoclonal antibody did not meet the primary endpoint of progression-free survival. The interim median overall survival analysis failed to show a benefit for OMP-21M18, also known as demcizumab.

OncoMed Chairman and CEO Paul Hastings said it will discontinue the trial, as well as any additional enrollment in other ongoing demcizumab trials due to the drug's lack of benefit over current standard-of-care.

In other news, Bayer AG terminated its licensing options for OncoMed's first-in-class Wnt pathway inhibitors vantictumab and ipafricept due to strategic reasons.

OncoMed received over $90 million in upfront and milestone payments from Bayer for the development of vantictumab and ipafricept.

The worldwide development and commercialization rights to vantictumab, ipafricept and all other Wnt pathway biologics under the collaboration will revert back to OncoMed in June.

The small molecule program under the collaboration continues without change despite Bayer's decision.

OncoMed is completing two phase1b combination clinical studies of the inhibitors, with vantictumab for HER2-negative breast cancer and advanced pancreatic cancer and ipafricept for ovarian cancer and pancreatic cancer.

OncoMed stocks were down 35.27% to $5.67 per share as of 11:16 a.m. ET on April 10.